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Home » Finance » Banking » How To Structure Practice Banking

How To Structure Practice Banking

The way you structure your medical practice’s banking will depend on the size of your practice, number of employees, and need for credit and cash flow assistance.

Steer clear of regular small business banking and opt instead for a bank that has a dedicated medical practice banking program.

Choose a business checking account that offers free online banking, automatic bill pay, and remote deposits.

Choose a Health Savings Account to curb the cost of employee healthcare benefits. Banks that offer this type of savings account partner with your insurance provider to help you lower the cost of insurance premiums.

Your banking structure should also consist of benefits for both you and your staff.

In addition to check card reward points that let you earn cashback on the purchases you make for your practice, choose a banking structure that affords your employees banking benefits as well.

Once you have checking, savings, and benefits accounted for, consider extras like merchant services, lines of credit, credit cards, and cash management services.

Your bank is your strategic partner in the financial success of your medical practice.

Be sure to choose a banking structure that is able to accommodate the changing needs of your growing practice.

To learn more about doctor credentialing, insurance, coding, outsourcing, and everything you need to establish a successful healthcare practice, follow all of Sherlock Doc’s adventures on the DoctorsBusinessNetwork.com or Doctors Business Channel on YouTube!.

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